In 2024, the U.S. saw 126 bank mergers and acquisitions (M&As). Based on President Trump’s track record with M&A regulations, that figure is expected to rise over the next four years.

What does that mean for you? Most bank customers will never experience a merger or acquisition. But if you do, the experience could be anything from mildly disruptive to majorly inconvenient, depending on what types of changes occur.

With that said, an M&A event at your bank is likely to go off without a hitch, especially for customers who prepare as soon as they get the news. In fact, nearly half of bank customers who’ve been through an M&A event say they feel neutral about the change.

Bank mergers and acquisitions are similar events, but not the same thing:

However, mergers and acquisitions often happen for similar reasons. The transition may be an effort to prevent a bank or credit union failure, expand on the services a financial institution offers, or cut operating costs.

Your bank may not inform you of the specific reason, but they will typically notify you before the transition.

The transaction itself, which is a multi-phase process, usually takes several months or even a year to complete. After the transaction is approved by regulatory agencies, the acquired bank (if applicable) will close and the integration process begins.

An M&A event can lead to changes in any or all of the following, for better or for worse:

• Bank name

• Bank staff

• Available branches and ATMs

• Hours of business

• Bank contact information

• Available products and services

• Customers’ account numbers

• Deposit rates

• Account fees and requirements

• Loan payment methods

• Location of safe deposit boxes

Once the two banks integrate, there may be a grace period before there are any changes to your accounts. Check the notices from your bank to make sure you know the timelines for these changes.

How can you make it through a merger or acquisition without any hiccups? If you’re not proactive, you could end up with unexpected bank fees, missed bill payments, and more. Here’s how you can avoid those costly outcomes.

The bank will send you written and/or digital notices and include account updates in your monthly statements. Some also send welcome packets or even set up dedicated web pages with basic M&A information, like this Discover FAQ page for their acquisition by Capital One.

Reading through this information will give you a picture of upcoming changes and help you understand the steps you need to take. Be sure to note any important upcoming dates and read the information in all of the releases/statements carefully.

Hold off on applying for any new accounts at the bank, including checking, savings, credit cards, and loans. The bank may continue accepting applications, but as a result of the M&A, the terms and features of the account can later change in a way you’re not happy with.

Download and save your past loan and credit card statements, since they may not be available after the transition. Keeping them on file means you’ll have proof if there’s ever any question about your past payments or your current account balance.

There’s a chance the M&A event will leave you less satisfied with your bank. Take a good look at their notices and your account statements to assess whether or not this will be the result. Here are a few good reasons to consider moving your money elsewhere:

• Insurance: FDIC and NCUA insurance only cover you for up to $250,000 in deposits at any given institution. If a merger between two institutions causes your deposits to exceed that amount, consider moving some of your money to another bank.

• Access: You might need a new bank if the transaction reduces your access to the banking services you need, such as local branches or ATMs.

• Account terms: The terms of your deposit accounts might shift in a way that makes them more expensive or less functional for you. For example, you can end up with higher monthly maintenance fees, higher minimum balance requirements, or lower interest rates.

• CD renewal: Most banks automatically renew (or reinvest) your CD deposits into a new CD when the account matures. If the rates on new CDs have dropped, you may want to withdraw the money before renewal.

Read more: How to switch banks: An easy step-by-step guide

Often, account numbers are updated after an M&A transaction.

If your account numbers change, make sure to update all of your billing accounts where you have autopay set up, including rent, utilities, and loan payments. Additionally, make sure your employer has your new account information so there’s no delay in automatic deposits for your paycheck.

Depending on the circumstances, you may need to take a few extra steps to make it through the transition successfully. Check to see if you need to order new debit cards, checks, or credit cards. If applicable, download the new banking app.

Each M&A event is unique in some ways, so be sure to check to see if your bank recommends taking any additional steps beyond what we mentioned here.